Taiwanese touch screen supplier Wintek laid off nearly 90% of its staff, as the financially struggling company aims to transform its business model to become a new LED manufacturer, according to a Chinese-language Economic Daily News report.

The former Apple touch screen supplier laid off 2,360 employees in Taiwan, and is only retaining 300 workers or about 6% of its original manpower. The company estimated a total of 4,300 staff will be laid off.

Wintek has shut down three factories in China including a factory in Suzhou Province, and two factories in Donyuan, said company Chairman and President Hyley Huang. Panel production has completely been terminated at these manufacturing sites, while the company will continue massive layoffs in Taiwan and in China. Only the Tanzi factory in Taiwan will still be operations in the near future.

Financial crisis led to the company’s cost down restructure, which was initiated in September 2014. A TFT-LCD factory located in Yangmei City in Taoyuan County, Taiwan was the first to be shut down, while further large scale layoffs were implemented in Taichung County.

Wintek is expected to completely exit from the touch screen manufacturing business, and transit into food biotechnology and LED lighting industries in the future.